An insurance renewal is the end of the term of your policy, at which point, you’ll need to determine if you’d like to continue under the same policy with the same insurance carrier.
What is an insurance renewal?
When your policy term ends, your insurance policy is up for renewal. At this point, you can choose whether or not you want to renew insurance under the same policy, negotiate the terms, or switch to a different insurance carrier.
Most carriers will notify you at least 30 days ahead of your insurance renewal to discuss your new premium, any changes in rates, and whether you qualify for any discounts.
When is your insurance renewal?
The renewal date on your policy is based on when your policy first took effect. Typically, business insurance policies, such as general liability, workers’ compensation, and errors and omissions insurance, are renewed on an annual basis. That means that if you want to continue coverage under the same policy, it will need to be renewed at the one-year mark.
What is the insurance policy renewal process?
Most IT businesses choose to renew their insurance policies automatically. While this is convenient, you should be sure to review any changes and determine if your policy needs adjustments.
The renewal period is a good time to shop around to make sure that you’re getting the best protection for a reasonable price. You can fill out TechInsurance’s free online application to compare rates from multiple insurance companies.
Questions to ask before insurance policy renewal
If you make any significant changes to your IT business, it may impact your coverage. In that event, it’s a good idea to talk to your TechInsurance agent before your annual renewal date.
In preparation for the insurance policy renewal process, tech businesses should ask the following questions:
- Have you hired or fired employees?
- Have you moved into a new office?
- Have you purchased new machinery or equipment?
- Are you offering new services?
Such events may signal it's time to contact your agent and update your policy.
What happens if you don’t renew your insurance?
Simply put, if you don’t renew your insurance by the renewal date, your insurance ends and you will no longer be covered. Unless you’ve already lined up a new policy with another carrier, you will experience a lapse in coverage, which leaves you open to risk and could increase future insurance rates.
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